The digital transformation market size is estimated to grow from USD 148.04 Billion in 2015 to USD 392.15 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 18.7% from 2016 to 2021. Major growth drivers of the market include the increased demand for internet of things and increased innovation offered by digitalization techniques. Base year considered for this study is 2015 and forecast period is 2016 to 2021.

Objectives of the study:

The main objective of this report is to define, describe, and forecast the global digital transformation market on the basis of component, deployment type, end user type, business type, vertical, and region. The report provides detailed information regarding factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges). The report aims to strategically analyze each submarket with respect to individual growth trends and contribution towards the overall market and to analyze the opportunities in the market for stakeholders and details of the markets competitive landscape. The report attempts to forecast the market size with respect to five main regions, namely, North America, Europe, Asia-Pacific (APAC), Latin America, and Middle East & Africa (MEA). The report strategically profiles key players and comprehensively analyzes their core competencies. This report also tracks and analyzes competitive developments such as acquisitions, partnerships, new product developments, and research & development (R&D) activities in the digital transformation market.

The research methodology used to estimate and forecast the market begins with capturing data on key vendors revenue through secondary research such as annual reports, press release, investor presentation of companies, white papers, technology journals, and certified publications. The vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the global digital transformation market from the revenue of the key market players. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key people, such as CEOs, VPs, directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and to arrive at the exact statistics for all segments and subsegments. The breakdown of profiles of primary is depicted in the below figure:

The digital transformation market is projected to grow from USD 148.04 Billion in 2015 to USD 392.15 Billion by 2021, at a CAGR of 18.7% from 2016 to 2021. Digital transformation is gaining a significant importance among organizations due to increasing the demand for internet of things and increased innovation offered by digitalization techniques. In addition, increased number of mobile devices and apps is one of the major growth factors of the market.

Digital transformation market, by deployment type includes cloud and on-premises. The cloud deployment type is expected to grow at a higher growth rate during the forecast period. This is due to various advantages provided by cloud digital transformation such as reduction in IT budgets, low financial risks, and increased flexibility.

Among business type, the business-to-business (B2B) segment is expected to hold the largest market share during the forecast period. In B2B segment, the adoption of digital transformation solutions is increasing owing to the fact that B2B enterprises believe that it is important to offer their products online.

Among end users, the small and medium businesses (SMB) segment is be the fastest-growing market during the forecast period. The need for digital transformation is equally required in all organizations, irrespective of the size, in order to compete with the large organizations.

Among verticals, the BFSI segment is expected to hold the largest market share during the forecast period. The BFSI vertical uses high-end digital technology to make banking transactions secure, simple, and error free. There is a high channel migration in banking, which enables customers to rely on digitals channels such as tablets, smartphones, and laptops to meet their banking requirements.

North America accounted for the largest share of the global market in 2015. This is due to the fact that their ICT infrastructure is advanced than the rest of the world. The APAC countries are considerably contributing to the growth of the market. The rapid adoption of digital transformation by early adopters has made the APAC market very attractive. The APAC region continues to be the biggest exporter and end user of digital services. The digital transformation market has high growth prospective in this region during the forecast period.

The lack of awareness regarding benefits of digitalization and low security of high confidential data are the restraining factors for the digital transformation market.

Most of the enterprises have adopted new product launches, acquisitions, and partnerships the key strategies to enhance end user and customer experience. For instances, SAP AG partnered with Adobe Systems, under which SAP will resell Adobe Marketing Cloud with the SAP HANA platform and the Hybris Commerce Suite. In August 2016, IBM signed an agreement with Vodafone India to manage IT services support for Vodafone Indias IT infrastructure environment.

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